Two months ago, Soros Fund Management, which is now controlled by Soros’s Open Society Foundations, became the largest shareholder in Audacy, the second-largest radio company in the U.S., which had just filed Chapter 11 bankruptcy a month prior. Audacy has more than 230 U.S. stations, as well as a podcast wing that includes two major brands. In 2022, Soros also invested in a left-wing podcast network, while also playing a role in Univision’s $60 million sale of 18 Hispanic radio stations to a firm headed by Democrat political operatives, Semafor reported. Three individuals involved in discussions with Soros executives told Semafor that the move into the radio industry could be the start of a larger audio buying spree. The outlet stated that Soros’ new radio acquisitions — which include stations broadcasting conservative political and faith-based content — could impact the election this November: “Where conservative-backed companies dominate local television and have subtle but notable influence over the tone of their content, Soros’ ownership could also prove pivotal. How, for example, would the fund react if the radio hosts on conservative stations, such as Philadelphia’s 1210 WPHT, second-guess valid electoral results come November?” Though an unnamed person connected to Soros Fund Management told the news outlet that the majority of Audacy stations are dedicated to sports and music rather than news programming, Soros is “following a format that Democratic communications officials have laid out for big-money donors to help bolster their agenda,” Semafor noted. Shocked by the collapse of left-leaning publications like Vice and BuzzFeed News, Democrats have urged their allies to invest in media companies. Last summer, an 85-page report detailed how left-wing donors could play a role in challenging right-wing dominance in local television by “diverting a share of the investment that’s going into exclusively cause-funded nonprofits towards sponsored content and into direct investment in hybrid and for-profit enterprises with large audiences.” The report added, “Likewise, rather than continuing to spend hundreds of millions of dollars on TV ads, we believe that there is more long-term value for nonprofit investors — ranging from civic media focused philanthropies to mission-driven SuperPAC investors — in diverting a share of that investment into sponsoring topical reporting in a for-profit, or simply in buying some of the stations on which they are now advertising.”Billionaire Democratic donor George Soros is making substantial investments in U.S. radio stations, making him a key player in the industry and potentially giving him the ability to impact the 2024 election.
